Economic Woes Take Their Toll on Scarsdale Real Estate Plus Sales and Featured Listings

A teardown at 39 Church LaneThe numbers are in – and they confirm what many feared. The new tax law, economic uncertainty and demographic trends have taken their toll on the market for homes in Scarsdale.

In 2018 only 210 homes sold, down from 253 in 2017, a 17% decline in the number of homes sold. The median price also declined 9.7% to $1.508 mm with the average price at $1.807 mm, a 3.5% decline.

Edgemont fared much better with 91 homes sold in 2018 compared to 87 in 2017, a 4.6% increase. The average price fell slightly from $1.254mm to 1.14mm in 2018 and the median price also declined from $1.202mm in 2017 to $1.082mm in 2018.

Despite the weakened appetite for homes in 2018, developers continued to tear down existing homes to replace them with new construction. As one realtor pointed out, the homes that were torn down are typically far less pricey than the new construction, which depletes the Village’s inventory of lower priced homes and makes it difficult for young families to move in.

Anne Moretti of Julia B. Fee Sotheby’s put the sales figures for Scarsdale into perspective, saying, “It was the lowest number of homes sold in 7 years; however, it was only the second correction since the 2008 low. Otherwise, it’s been a steady upward climb since then. 2018 sales were off primarily due to a perfect storm of factors including the Tax Reform SALT cap, quadruple interest rates hikes, and a tough fourth quarter on Wall Street. Despite strong 2nd and 3rd sales quarters, buyers got the jitters as we ended the year. Whispers on Wall Street about reduced bonus pools due to global trade tensions and lower third quarter earnings reflect the nervousness of buyers as we rounded the year. I see it as a market correction which was exaggerated by unusual factors. All markets correct, including real estate. Looking ahead to 2019, we will continue to be in a challenging market, price-wise, but savvy sellers who adjust to the current market will find a steady stream of ready, qualified buyers. Three of my client sellers just went into contract, joining 34 other Scarsdale sellers currently in contract. So 2019 appears to be off to a good start!”

Sales:
55 Penn Boulevard
This is a must see expansive and sophisticated, architectural home that offers oodles of flexible space. Included are 5 bedrooms, one of which is a fabulous, first floor guest suite. Catch the delightful, morning sun at breakfast while dining in the banquet. Prepare divine meals in the sleek, gourmet kitchen. The master suite is unparalleled, consisting of a large sleeping area, sitting room, private bathroom and a 22'X14' walk-in closet! Garage your cars and all other outdoor equipment across 5 bays! So many extraordinary and unique features to experience!

Sale Price: $2,100,000
Assessed Value: $1,925,000
Real Estate Taxes: $47,705

253 Fox Meadow Road
Classic center hall 4 bedroom, 3.5 bath colonial in prime Fox Meadow location on nearly 3/4 of an acre with tons of expansion potential. Large family room connected to both living room and sunroom. Sliding glass doors from family room out to beautiful patio and garden. Master bedroom has 2 spacious walk in closets with a walk up attic boasting additional finished storage. The expansive backyard has magnificent mature plantings and room for a pool.

Sale Price: $1,275,000
Assessed Value: $1,600,000
Real Estate Taxes: $38,994

23 Stonehouse Road
.38 acres of lovely flat property in the most incredible location. This 2941 interior square foot home offers great floor plan and space. Four bedrooms and 3 full baths. Living room with wood-burning fireplace, formal dining room with door to a screened-in porch, updated eat-in kitchen, paneled den or office all on the first level. Second level: master bedroom with updated master bath, two additional bedrooms with hall bathroom. Third level: large playroom, sewing room and 4th bedroom and full bathroom. Lower level: laundry room/mudroom area off 2-car garage. Furnace 2006, roof 2006, windows replaced, hardwood floors throughout the house.

Sale Price: $1,125,000
Assessed Value: $1,598,609
Real Estate Taxes: $34,602

Featured Listings:

11 Reimer Road, Scarsdale
Live the ultimate luxury lifestyle in this spectacular residence. Situated on 1.35 acres of lush manicured property with specimen plantings, this young custom home is filled with sunlight, high ceilings, five fireplaces, rich hardwood floors, exquisite millwork and magnificent architectural details.
Learn more here.
Listing Price: $6,800,000

250 Fort Hill Road, Scarsdale
A rare opportunity to own a piece of history in a breathtaking setting in the heart of Edgemont. Nestled on 1.54 acres of level private property, this unique Colonial Farmhouse offers quiet, country living within 26 miles of NYC. The home was built in the 1850's and has been restored, expanded and cared for over the years.
Learn more here.
Listing Price: $1,395,000

7 Shaw Road, Scarsdale
Listing Price: $7,150,000
7 Bed | 6.2 Bath | 7,089 Sqft.
The ultimate in privacy and luxury - this exceptional estate was completely rebuilt in 2013. A long driveway leads you to this stately home on almost two beautifully manicured, level acres with tennis court and pool. The master suite is a true oasis with sitting room and enormous walk-in closet and spa bath. The lower level has a movie theatre, gym, and wine cellar to name a few. This is an opportunity to own an estate in coveted location just 30 minutes from Manhattan!
Learn more here.

241 Rock Creek Lane, Scarsdale
Listing Price: $3,199,000
5 Beds | 6.1 Baths | 6,885 Sqft.
Set gracefully on just under an acre of private wooded views, this stunning newly-constructed Contemporary by renowned architect Robert Keller sets a new standard for 21st century chic with an unparalleled construction by Cygnet Design & Build. A striking center hall welcomes you into a loft-like main floor, modern and versatile, light-filled rooms wrapped in floor-to-ceiling windows. The second floor has been thoughtfully designed to allow both kids and adults their own spaces. A one-of-a-kind family home for today's discerning buyer.
Learn more here.

41 Paddington Road, Scarsdale
Listing Price: $2,999,999
4 Beds | 3.1 Baths | 4,162 Sqft.
Your Scarsdale/Fox Meadow new construction dream home awaits! Less than a mile to the train, town and shops, the location could not be more convenient. The house boasts a beautiful eat in kitchen with Carrara countertops, custom cabinetry, high end appliances including Subzero and Wolf, LED lighting, Pella windows and tons of storage. Kitchen opens into a large Family room with a gas fireplace overlooking the private yard with a patio. The family room is also connected by French doors to a sizable living room, which is open to the foyer which also connects to the dining room, creating the open floor plan that every buyer wants. Master bedroom suite includes two nicely sized and fully outfitted walk-in closets, a sitting room and a large master bath with beautiful white marble. Whole house generator included. Bring your toothbrush and unpack your bags in this ideal fresh new colonial in one of the best neighborhoods in Scarsdale.
Learn more here.

64 Cushman Road, Scarsdale
6 Beds | 6.2 Baths | 7,089 Sqft.
Listing Price: $2,875,000
Majestic estate nestled in Scarsdale's prestigious Murray Hill neighborhood. Experience a sense of arrival and ultimate privacy as you are greeted by a long circular drive surrounded by breathtaking landscaping. The secluded level 1.13-acre property presents an idyllic setting for this elegant architectural masterpiece. The second level features five bedrooms, including a beautiful master suite with custom his and hers walk-in closets and elegant bath. A stunning free-form pool with spa, cabana with bathroom and outdoor cooking area delivers luxurious resort style living. Taxes can be reduced.
Learn more here.

16 Autenreith Road, Scarsdale
Listing Price: $2,500,000
7 Beds | 4.1 Baths | 4,492 Sqft.
Fabulous Fox Meadow residence located on a quiet street just one block from Scarsdale Village and Metro North train station. This beautifully updated home features lovely architectural details throughout. Three great floors of living space. Lushly landscaped for privacy. Easy 30 Minute Commute to NYC!
Learn more here.




78 Carthage Road, Scarsdale
Open House: 01/20/18, 1:00PM-3:00PM
Listing Price: $1,699,999
5 Beds | 3.2 Baths | 4,068 Sqft.
Missing summer already? Dream of relaxing by your very own private pool for next summer? This spacious home in the heart of Heathcote provides not only resort-style living, but a convenient location to elementary school, five corners shopping and houses of worship. A great floor plan for easy living. The second floor boasts a huge master bedroom and three additional bedrooms, hall bath and much desired second floor laundry! This is an exciting opportunity to live in an ultra-convenient location with a pool!
Learn more here.

7 Paradise Drive, Greenville
Listing Price: $1,250,000
4 Beds | 2.1 Baths | 2,948 Sqft.
Come enjoy this lovely center hall Colonial located in the wonderful community of Edgemont, close to the Village of Scarsdale. Interior updates include molding and hardwood interior doors, oak flooring, inviting and warm kitchen including a breakfast nook and newer appliances. There's a spacious recreation room with a wood burning fireplace, adjacent to a sunroom that opens up to a fenced in yard where you'll find a heated salt water pool. The second level master suite has two walk-in closets and an en suite contemporary bathroom. You'll find three additional bedrooms on the second level and another full bathroom. Additional 1050 sqft. in the basement.
Learn more here.


45 Carthage Road, Scarsdale
3 Beds | 1.1 Baths | 1,605 Sqft.
Listing Price: $830,000
Welcome to this sun-filled pristine Colonial located in the Heathcote section of Scarsdale. This three-bedroom, one and one-half bath home offers charm and space. All generously sized rooms with hardwood floors throughout. Special features include: 2018 new washer and dryer, 2017 exterior painted, living room painted, 2013 new refrigerator, dishwasher and more. Easy commute, close to school, shops, restaurants, village pool and tennis. Taxes do not include STAR $1,383, if applicable. This home is a treat!
Learn more here.

Open Houses:

12 Hampton Road, Scarsdale
Open House: 1/20 from 1pm-3pm
Live the life in the Heart of Fox Meadow. Inviting and comfortable young Colonial offers a perfectly designed layout for today's busy lifestyle with a true "heart of the home" kitchen (37x16) with expansive cabinetry, pantries, oversized prepping and conversational island, premier appliances, access to stone patios/yard.
Learn more here.
Listing Price: $2,748,880

54 Paddington Road, Scarsdale
Open House: 1/20 from 1pm-3pm
Modern sophistication meets classic Scarsdale home. Outstanding open floor plan creates living and entertaining perfection, natural light streams through the plentiful, large windows complementing beautifully stained dark hardwood floors throughout. The entry foyer has a double height ceiling leading to the living room.
Learn more here.
Listing Price: $1,795,000

1 Ogden Road, Scarsdale
Open House: 01/20/18, 1:00PM-3:45PM
Listing Price: $2,395,000
5 Beds | 4.1 Baths | 5,410 Sqft.
This new construction is an entertainer’s dream—built for gathering with lots of space to live, cook, eat and enjoy. Every detail makes this house special, from the herringbone laid white oak floors in the entryway to the sleek fireplace in the master suite. The second floor has four bedrooms, including a spectacular master suite. Situated on .33 acres of land with very close proximity to Scarsdale Village and train, it’s easy to get anywhere you need to be (although you may never want to leave!)
Learn more here.

111 Evandale Road, Greenville
Open House: 01/20/18, 2:00PM-4:00PM
Listing Price: $1,299,000
4 Beds | 3.1 Baths | 2,616 Sqft.
Fully renovated sleek and stylish home on tranquil dead end street with over a half acre of park-like property within walking distance to Greenville elementary school and bus station. This home has been thoughtfully updated with open spaces and great layout for modern living. There are 3 bedrooms (one en suite) and hall bath, laundry room on second level. The Master Suite is an oasis with vaulted ceilings, modern spa bath and huge closets. This is an amazing opportunity to move right into this immaculate home in sought after Edgemont school district with access to the desirable Scarsdale Farm Road heated pool!
Learn more here.